France intends to become a hub for initial coin offerings (ICOs), according to the country’s finance minister Bruno Le Maire opinion. He had defended his position at the G20 meeting in Buenos Aires, where the G20 members gathered this week.
Le Maire already took action in this direction. He has asked the former second deputy governor of the central bank, Jean-Pierre Landau, to come up with a draft bill related to cryptocurrencies.
Le Maire said, that France has an interest in becoming the first major financial center for ICO companies.
He said, he would ensure an action plan to the French government. It will allow stock market regulator to authorize firms for fundraising. The companies will have to comply with certain criteria to protect investors.
“This ‘white list’ will be a valuable benchmark for investors who want to finance serious projects that create value,” Le Maire wrote.
In a few weeks this initiative named Action Plan for the Growth and Transformation of Enterprises (PACTE) will be delivered to the Council of Ministers.
Last year, the AMF revealed that it was analyzing the legal framework for ICOs, which were emerging in France.
The finance minister thinks the blockchain could be an excellent opportunity to collect funds via ICOs.
Le Maire said, this will create a network of confidence without intermediaries, offers increased traceability and will boost economic efficiency.
France should not miss the blockchain revolution and should enter the finance world of the 21st century, the minister noted.